Engagement ring insurance
Wed 17 February 2010
Ten per cent of the jewellery purchased for Valentine’s Day was expected to be engagement rings, but now romantics are being urged by insurers to check they are included on home contents policies*.
The average British male spends £1,800 on an engagement ring, while 34 per cent of home contents policies only insure single items up to £1,500. This means that a percentage of households will not have a secured engagement ring fully included in their policies.
According to financial research company Defaqto, there are 261 standard policies available on the market currently, so people should be able to find home contents cover to suit them. There are also add-ons that can be added to policies such as
jewellery insurance cover, and antiques cover.
Romantics are being urged to specify their new purchases on their policy to ensure they have accurate protection should they need to make a claim on their home contents insurance. Homeowners are also being warned that 90 of the 261 policies available have a single item limit of £1,500. Of these, only 24 provide personal possession cover as standard.
*This article was adapted from Insurance Daily, at:
http://www.insurancedaily.co.uk/2010/02/15/valentines-engagement-ring-insurance-reminder/